Tax Relief Blog
If you own a property, a business, or are employed, you’ll likely have to pay taxes. According to the 16th Amendment in our Constitution, individuals are required to pay taxes from income sources. Taxes can be broken down into three categories: what you purchase, what you own, and what you earn. Some may wonder why we have to pay them and for what purpose. They contribute to resources such as our government, educational systems, law enforcement, libraries, and others. However, individuals who fail to pay taxes can suffer penalties and potential criminal charges.
There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service. Furthermore, there are different kinds of tax advisors that serve a purpose to fit your needs. Our Los Angeles tax services can become an essential part of the taxing process.
Call us today at 1-877-788-2937.
According to the IRS, in 2019, Los Angeles county residents had 4,806,030 total 1040 tax returns. The minimum combined 2022 sales tax rate for Los Angeles County, California is 10.25%. This is the total of state and county sales tax rates. The California state sales tax rate is currently 6%. The Los Angeles County sales tax rate is 0.25%. Total employers as of 2020 are 291,833 with annual employment payroll of $244,345,310,000 for 3,914,718 employees compared to the LA county’s population of 9,829,544.
Here are some tax services you can use to fulfill the tax process.
Los Angeles Tax Preparation or Amending Services for Individuals and Businesses
Tax preparation services involve the process of preparing for a tax return such as income tax, state, federal, or local tax returns. This process can be done by a taxpayer with or without the use of tax-prepping software or hiring a tax firm.
Many individuals may have used services provided by tax advisors and tax preparers, but what’s the difference? Tax preparers can prepare, calculate, and file income tax returns for individuals and businesses. They are convenient for those who want their taxes completed in a timely manner. Tax advisors, on the other hand, are tax preparers who offer advice to individuals and businesses on minimizing the amount of taxes they owe. They are convenient for those who are looking for an efficient way to save on taxes.
As previously stated, filing taxes can be a long and stressful process, especially if you are unsure on where to start. Many individuals may choose to file their own taxes with tax preparation software because it’s less costly. But, you may strive for the service of a tax preparer to assist you on taxes that are more complex.
Whether you’re a striving business owner or an individual taxpayer, you can hire a tax preparer to process and complete or amend all of your tax forms. Once the process is complete, you sign the forms and make a payment to the tax preparer.
Los Angeles Tax Planning Services for Individuals and Businesses
Unlike tax preparation services, tax planning involves creating a strategy that can help minimize tax liabilities. In other words, you work with a tax consultant to assist an individual or business on strategies to minimize financial burdens. You can minimize tax liabilities by utilizing tax deductions, credits, exemptions, and benefits. Moreover, tax planning can be a year-round process, whereas tax preparation can be done before the tax deadline.
There are 4 methods of tax planning service:
- Short-range Tax Planning – This type of planning is executed and thought of when the fiscal year ends.
- Investors may use this method if they are trying to reduce tax liabilities in a legal manner.
- Long-term Tax Planning – This type of planning is utilized at the beginning of the financial year.
- The taxpayer usually follows this planning throughout the year.
- An individual may not reap immediate tax benefits, but it can have positive long-term effects.
- Permissive Tax Planning – This type of planning is used under the framework of tax laws.
- Countries like India may have tax provisions on laws such as offering tax exemptions, incentives, deductive, and contributions.
- Purposive Tax Planning – This kind of tax planning involves planning investments that may have a specific purpose.
- This planning allows you to obtain benefits from investments. This includes the selection of appropriate benefits, replacing assets (if applicable), and diversification of business and income assets based on residential status.
In addition, tax planning can benefit individuals and businesses in the long run. Tax planning services can:
- Reduce tax liabilities – Many taxpayers wish to reduce their tax liabilities and can do so with the help of investment tactics. It is important to invest in tax-saving tools at the beginning of a financial year.
- Minimize litigation – This means resolving a tax dispute from local, federal, state, or foreign tax authorities. This can save you from legal liabilities.
- Economic stability – As previously stated, taxes contribute to fund economic factors. Planning taxes can be beneficial for you and the economy we live in.
- Leveraging productivity and promoting financial growth: – You can channel funds from tax sources to various income-generating funds and promote economic growth for you.
Call us today at 1-877-788-2937.
Los Angeles Tax Representation Services: IRS – FTB – EDD – CDTFA Resolution Help
Some taxpayers may experience trouble with the IRS if they have unpaid back taxes, unfiled tax returns, tax debt, or IRS/state tax audits. Unlike tax preparation, tax representation is a yearly service that is suitable for those who owe the IRS, FTB, EDD, CDTFA taxes, or have trouble keeping up with taxes from drastic circumstances.
There are 3 different types of tax representatives:
- Certified Public Accountant (CPA) – they are state licensed to offer public accounting services.
- They are capable of maintaining financial records, preparing tax returns, financial audits, and looking over financial statements.
- They can represent clients.
- Enrolled Agents (EA) – they are federally licensed by the IRS to represent a client (individuals or businesses) regarding all tax matter.
- They are responsible for preparing individual or business tax returns.
- They can represent a client.
- Tax Attorneys – This is a state licensed representative that specializes in tax litigation laws.
- They are responsible for tax preparation, and tax planning, and can represent clients in criminal matters.
Los Angeles Unfiled Tax Returns Service
When a taxpayer has unfiled tax returns, the IRS can accumulate interest and penalties on back taxes, which can prevent one from receiving future tax refunds. Furthermore, the IRS can file tax returns, known as SFRs, and collect on the amount you owe, even if it exceeds what you may owe.
What if you recently moved, suffered from a flood or a fire, and lost your W2 form? A tax representative can acquire a wage and income transcript. Your income transcript displays W2 Forms, 1099, 1098 forms, and others. Depending on the number of years of tax returns, and how much you owe, a tax representative can help file past tax returns to prevent the IRS from obtaining future penalties.
Los Angeles Unpaid Back Taxes Service: IRS – FTB – EDD – CDTFA Resolution Help
Back taxes are taxes that have been either partially or not fully paid in the year they are due. Here are some options representatives offer for clients who owe back taxes.
IRS Payment Plans
There are two kinds of IRS payment plans: short-term and long-term payments.
- Short-term – Up to 120 days. The maximum you can owe can be up to $100k in combined tax, penalties, and interest.
- Long-term – 120 days or more. The maximum you can owe can be up to $50k in combined tax, penalties, and interest.
Offer in Compromise
An offer in compromise allows a taxpayer to settle back taxes with an amount that is less than what they owe. Although it is a bit more difficult for the IRS to sign off on an offer in compromise, they may offer this option if you can’t pay your back taxes completely, or if it results in financial hardship.
IRS Penalty Relief Service
If you are filing a late tax return, the IRS can assess a 25% penalty fee. However, you can waive your tax penalties with these options.
- IRS First Time Penalty Abatement – Suitable for those who have not filed a tax return in the last 3 years.
- IRS Reasonable Cause Penalty Abatement – Suitable for those who have lost their tax records from a drastic life experience.
- IRS Penalty for Businesses – If you are suffering from back taxes and own a business, you can get some relief from the IRS for good reasons.
Los Angeles Employment 941 Payroll Tax Debt Service
If you are an employer or a small business owner and are experiencing payroll tax debt, you can suffer from bank levies, a tax lien, or time in jail. On the positive side, small businesses and employers may qualify for various tax relief options.
You can negotiate payroll back taxes by:
- Requesting an installment agreement
- Request an abatement of penalties
- Make an offer in compromise
- Tax Deferment Options
Los Angeles IRS & State Tax Audit Representation Service: IRS – FTB – EDD – CDTFA Resolution Help
A tax audit representation is when a legal or tax professional stands on behalf of a taxpayer. Some taxpayers may receive a letter from the IRS stating that their taxes are being audited. A representative can assist an individual or business by preparing the necessary documentation needed by a tax authority. A representative can:
- Keeping records to reduce the chance of a tax audit
- Respond to and represent an IRS or FTB, EDD, CDTFA case on your behalf
- Contact the IRS, or FTB, EDD, CDTFA
- Provide support for a tax audit
- Escalate an issue to appeals that may seem unfair to the taxpayer
During a tax audit examination, a representative can use a strategy to defend you, regardless of your circumstances.
Call us today at 1-877-788-2937.
IRS LA Office RA Revenue Agent RO Revenue Officer Levy, Garnishment, Lien
300 N Los Angeles St, Los Angeles, CA 90012
FTB Levy, Garnishment, Lien
300 S Spring St, Los Angeles, CA 90013
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